The financial services union has compelled Australia’s largest bank to face the workplace umpire after trying to change its work-from-home arrangements. The Commonwealth Bank (CBA) must front up to a Fair Work Commission hearing after the Finance Sector Union (FSU) filed its dispute on July 12. Management had notified their 49,000 employees that they needed…
Australia’s Largest Bank Embroiled in Dispute for Asking Workers to Return to the Office
July 13, 2023
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Australian Economists and RBA Remain Divided on First Cash Rate Hike
Both economists and the Reserve Bank of Australia (RBA) are maintaining their positions on their respective forecasts for the economy after a strong recovery post-Delta. In its quarterly Statement on Monetary Policy (SOMP), the RBA said the economy bounced back strongly after Delta lockdowns and the effect of Omicron on spending has been “relatively small.”…
Australian Economy Contracted 1.9 Percent During Lockdown Period
December 2, 2021
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The Australian economy contracted by 1.9 percent in the September quarter (Q3), when state lockdowns against the Delta variant of COVID-19 occurred, but it was less than the 2.5 to 3 percent drop that economists were fearing. The Australian Bureau of Statistics (ABS) revealed in the latest National Accounts that despite the quarterly drop, Australia’s…
Australian House Prices to Fall 10 Percent in 2023 After Interest Rate Rise: Commonwealth Bank
November 21, 2021
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The Commonwealth Bank of Australia (CBA) expects house prices to fall by around 10 percent in 2023 after the official interest rate lifts. Gareth Aird, the head of Australian economics at CBA said a further tightening of macro-prudential policy looks unlikely, and the housing market will see moderate growth over the first half of 2022….
Aussie Retail Sales Drop, Online Sales Grow in September Quarter
Australian Bureau of Statistics (ABS) figures revealed that retail sales volume fell a record 4.4 percent in the September quarter, after Australia’s two biggest state economies went into lockdown. “The Delta outbreak from late June led to protracted lockdowns in many mainland jurisdictions, with the restrictions causing many retailers to close their physical stores throughout…
Commonwealth Bank Pushes Australia Into the Lead in Cryptocurrency: Expert
The Commonwealth Bank of Australia’s (CBA) decision to offer cryptocurrency services to customers has pushed Australia into becoming a leader in the industry, an expert said. CBA announced on Nov. 3 that it would partner with crypto exchange and custodian service Gemini and blockchain analysis company Chainalysis to become the first Australian bank to offer…
Australian Cash Rate Maintained for 12th Month, Bond Yield Target Discontinued
November 2, 2021
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The Reserve Bank of Australia has retained the cash rate at 0.1 percent for the 12th month after its monthly board meeting, despite mounting inflation and rate hikes by the big four banks. The bank has frequently stated that the cash rate will not be raised until inflation is sustainably between 2 to 3 percent,…
Australian Banking Taskforce to Assess Impact of Bank Branch Closures in Regional Areas
October 22, 2021
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A government taskforce involving the big four banks, peak bodies, and Australia Post will examine the impact of regional bank branch closures on the local communities, businesses, and industries. Regionalisation Minister Bridget McKenzie said it would provide a platform to determine how changes in the banking industry have affected regional communities. “Having access to bank…
Australia’s Commonwealth Bank Mocks Apple’s ‘Pro-Competition’ Claim
SYDNEY—Commonwealth Bank of Australia accused Apple Inc. on Thursday of uncompetitive behavior over control of payments on its phones, which have grown to about a third of all in-person payments the country’s largest lender processes. Matt Comyn, chief executive at the Sydney-based bank, urged lawmakers to boost scrutiny of technology giants, saying payments through digital…
Over 80 Major Companies Urge Australian Governments to Stick to Path out of Lockdowns
September 2, 2021
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The business community has come together and signed an open letter, calling on state and federal governments to work together to implement the planned path out of lockdowns once vaccinations reach 70 to 80 percent. The letter, published by the Business Council of Australia (BCA), is signed by the CEOs of over 80 major companies…
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